No Extension On Tax Return Deadline This Time

The deadline to file an Income Tax return was extended last two years due to the Covid-19 pandemic. But this time it is not going to be extended, the center declares.

Taxpayers should file their ITRs before the due date (July 31) to avoid paying penalties or other legal consequences. Revenue Secretary Tarun Bajaj said last week that they are not thinking of extending the last date of filing, so far.

For the accounts that do not need to be audited, July 31 is the deadline for filing the ITR of a fiscal by individual taxpayers. The tax department has launched a new I-T filing portal making it easy to file and get refunds quickly.

According to the Revenue Secretary, there were over 50 lakh filings on last time on the deadline date, and this time it is expected to be more than 1 crore on the last day.

The new tax regime has the exemption limit set at 2.5 lakh rupees. The old regime also has an exemption limit of 2.5 lakh rupees for those under the age of 60, 3 lakh rupees between ages 60 and 80, and 5 lakh rupees for those above the age of 80.